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John Lounsbury
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John Lounsbury, Managing Editor and Co-founder of Global Economic Intersection, provides comprehensive financial planning and investment advisory services to a small number of families on a fee only basis. He has a background which includes 34 years with a major international corporation, 25... More
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  • Is The Fed Too Libertarian? 1 comment
    Apr 28, 2009 12:58 AM

     

    Henry Kaufman, in a Financial Times Op Ed http://www.ft.com/cms/..., calls for a "a fundamental overhaul of the Fed."   His critique describes a series of blind spots over the past several decades that he attributes to "commitment to laisser faire economics", "failure to recognise the problems that huge financial conglomerates would pose for financial stability" and "the belief that markets know best".

    Whether you agree with Kaufman's arguments or not, the article is a good read. 

     

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    The Feds actions were not Libertarian, They Were Neglectful.

    If the accountability for ones actions is removed, then why would anyone assume that people would act in a benevolent manner.

    Allowing an unregulated "Shadow Banking" system to develop to the point of becoming responsible for 40% of all lending without any scrutiny is in my opinion - Criminal.

    Laisser Farre only works with full transparency and accountability. Without these fundamentals it is gambling. Most would agree that we have neither full transparency nor accountability in our current system.

    Libertarianism is based upon everyone being equal and open with minimal rules of interaction and enforcement. Private Property, Contracts, and ownership of ones self and ones own production.

    Those with access to Fractional Reserve Banking and Value As I See Fit Accounting are in no way, shape, or form playing in a Libertarian System.

    One Thing Is Certain - We Are In For Change.

    You Rock John; Way To Be A Intellectual Beacon In A Dark Time.
    28 Apr 2009, 07:30 PM Reply Like
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